Title: Pre-Launch $METRIC Token Distribution
MetricsDAO seeks to distribute pending token grants prior to the official token launch, to early genesis members and contributors, as well as to Flipside Crypto, in order to provide more certainty and a better chance of success at launch. We are seeking to time this with a pending valuation done for early grants (as required by tax law). Having all of these service grants occur while the valuation is still valid keeps costs down and provides certainty for tax purposes.
- Flipside Ongoing Support Grant (draft, open for comments): [Proposal] Flipside Crypto Ongoing Support Grant - 3%
- Flipside Milestone Grant (previously passed): Flipside Crypto Milestone Grant [Proposal Passed]
- Whitepaper with token distribution outlines: https://metricsdao.xyz/docs/metricsdao-whitepaper-2022.pdf
This discussion covers two specific pieces of the $METRIC token allocation: the Core/Council token allocations and the Ongoing Support Grant to Flipside Crypto.
We are looking to ratify these allocations now, ahead of the token launch, to settle out potential grants prior to launch. This provides more certainty and less complexity at launch. At the current time, the $METRIC token does not exist and is not priced. We are in the process of having a valuation done for early grants (as required by tax law), and having all of these service grants ratified while the valuation is still valid keeps costs down and provides certainty for tax purposes.
With the 7% allocation dedicated to team members over a 48-month vesting schedule, we suggest allocating a portion of these tokens to early contributors. This allows us to reward early contributors while also leaving dedicated tokens for future contributors.
Allocations will be made based on contributions to date. Those contributions are outlined here: Team Member Allocations [WIP].
Note that MetricsDAO contributors and team members who are employed by Flipside Crypto will NOT receive allocations. Flipside Crypto employees will ONLY have access to MetricsDAO token allocations through Flipside’s token allocation.
23% of the initial token supply was allocated to Flipside Crypto through three mechanisms: an initial 15%, a 5% Milestone Grant, and a 3% ongoing Support Grant. The ongoing Support Grant can be viewed here.
Note that separate governance proposals will be posted to move the team allocations and ongoing support grant through a decision making process.
Reference for token distribution breakdown:
37% Treasury: to service and support ongoing MetricsDAO operations and fund future grants for builders and supporters of the ecosystem
33% Community: to reward early community members actively engaged in analytical programs servicing our blockchain partners
30% Core+Genesis / Bootstrap: to align long-term incentives of early developers, community builders and those assisting with internal operations - balanced between up-front costs and future milestones / delivery of value
We will look to engage the community to solicit feedback and ideas before kicking off governance.
Community call: Thursday, May 19 at 1pm ET
Office hours: Friday, May 20 from 1-3pm ET
Flipside will post the Ongoing Support Grant proposal separately in the forum, which will be open for comments, feedback, and discussion.
We will also post the proposed contributor allocations to the forum by the end of the week. The goal is to create a simple, transparent formula that rewards each contributor proportionally to their engagement since launch.
We will look to pass this through governance in two separate proposals:
- One proposal will ratify the token distribution & breakdown of the token allocation to contributors
- One proposal will ratify the token distribution to Flipside
Governance will follow the process described in Establishing MetricsDAO Governance: Phase 1 (Establishing MetricsDAO Governance: Phase 1 [Vote] 4)…
Each proposal above will first go through a poll that will be live for 3 days - if it passes with a simple majority & 20 vote minimum quorum, it moves to the official committee vote 24 hours later.
The official committee vote is held in the Leadership votes channel where the Governance Committee can vote. A simple majority with a >51% quorum by the Governance Committee is required for the vote to be binding.